2022 SMU Steel Summit Finally, a note from our founder, John Packard, who wants to make sure all of you are aware of the latest developments for our big event which will be held in Atlanta on the 22nd through the 24th of August. The following companies registered for the 2022 SMU Steel Summit Conference […]
Cleveland-Cliffs Inc. has applied for an air permit for an electric-arc furnace at its Middletown Works in southwest Ohio. The Cleveland-based steelmaker currently operates an integrated steel mill in Middletown. The air permit is for the “proposed installation of an EAF melt shop and associated operations to produce steel slab,” the company said in filings […]
Nucor plans to build its $350 million rebar “micro mill” in Lexington, N.C., in response to growth in the Southeast and in anticipation of increased demand from federal infrastructure spending. The new mill is expected to have capacity of 430,00 tons per year. Construction is slated to take roughly two years pending permits and other […]
I gave the keynote address at The FABRICATOR’s Manufacturers & Suppliers Event in Schaumburg – just outside of Chicago – earlier today. And I want to thank the organizers who invited me, everyone who attended and especially those who asked questions. My presentation focused on the factors we’ve all been following closely over the last […]
Ryerson president and CEO Eddie Lehner will be the featured speaker on our next SMU Community Chat. The webinar is on Wednesday, April 6, at 10 ET (9 am CT). It’s free. You can register here. We’ll talk about what’s in store for the second quarter, 2H and looking out into 2023. We’ll also discuss how to […]
The US Department of Commerce has decided to continue countervailing duties of 4.35 percent on cut-to-length steel plate from South Korea. “Commerce determines that revocation of the (duty) Order would be likely to lead to continuation or recurrence of countervailable subsidies,” according to an entry in the Federal Register dated Friday, April 1, 2022. The decision stems […]
US President Joe Biden has officially implemented a tariff-rate quota (TRQ) that will ease Section 232 restrictions on steel from Japan. “I have determined that imports of specified volumes of eligible steel articles from Japan will no longer threaten to impair the national security,” Biden wrote in a presidential proclamation. The proclamation is dated Thursday, March […]
I decided to take a break from prices and survey data today to check in with a few trusted mill and service center executives. Each had their own take on the market. But there were a couple of common threads. First, the war in Ukraine is still driving the steel and metals markets – even […]
Nucor aims to increase plate prices by between $55 per ton ($2.75 per cwt) and $125 per ($6.25 per cwt) depending on the product. The Charlotte, N.C.-based steelmaker said the price hike was effective with new orders received on Thursday, March 31, in a letter to customers dated the same day. The company made the […]
Ryerson president and CEO Eddie Lehner will be the featured speaker on our next SMU Community Chat. The webinar is on Wednesday, April 6, at 10 ET (9 am CT). It’s free. You can register here. Why should you listen? Lehner told me back in January that the selloff was overdone. That was not a mainstream […]
The US Commerce Department has decided to continue anti-dumping duties on cut-to-length plate from a dozen nations. It has also determined that countervailing duties – more than 250% – on plate from China should remain in place. The Sun Doesn’t Set on Steel Duties Those decisions follow an expedited “sunset” review that began on December […]
The Supreme Court has declined to hear a case about whether former President Donald Trump had legal authority to double Turkey’s Section 232 steel tariff to 50% The high court did so by denying “certiorari” on Monday, March 28, in the matter of TransPacific Steel LLC et al v. United States et al. The move […]
The market has worked itself into a frenzy about rising costs: for fuel, for labor, and for raw materials. All that translates into sharply higher prices for steel. There is a good case to be made that these factors – especially when it comes to fuel and raw materials – won’t go away anytime soon […]
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […]
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […]
Algoma Steel Group Inc. expects modestly lower shipments and production volumes in its fiscal fourth quarter because of supply chain bottlenecks and the ongoing impact of the Covid-19 pandemic. The Sault Ste. Marie, Ontario-based steelmaker forecasts shipments of 540,000-550,000 tons in the fourth quarter and adjusted EBITDA of CAD $310 million to $320 million (USD […]
Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […]
The U.S. does not have any additional Section 232 negotiations in the pipeline with South Korea, Commerce Secretary Gina Raimondo told Reuters. And domestic steel industry lobbying groups said that talks weren’t happening with Brazil or Argentina either, the other countries subject to a Section 232 quota rather than a 25% tariff. The industry execs […]
The United Steelworkers (USW) union is preparing for contract talks this summer with U.S. Steel and with Cleveland-Cliffs Inc., a USW spokeswoman confirmed. A text had been sent out to USW members earlier in the day on Thursday, March 24, alerting them that the USW was getting ready for negotiations. The USW contracts with Pittsburgh-based […]
SMU is pleased to announce the guest speakers for our next Community Chat webinar: Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining us will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, March 23, at 1 […]
The United States and the United Kingdom have agreed to a deal to ease Section 232 tariffs on steel and aluminum. The contours of the agreement match what Steel Market Update reported earlier in the day on Tuesday, March 22. “Today’s historic deal is a testament to that ambitious goal and will benefit America’s steel […]
The Commerce Department and the Office of the U.S. Trade Representative (USTR) are expected to announce an agreement with the United Kingdom to ease Section 232 tariffs on its steel exports, according to sources familiar with the matter. The deal, slated to go into effect on June 1, is expected to be announced at approximately […]
Canadian Pacific is engaged in a “structured shutdown” of its train operations across Canada after negotiations between the company and the Teamsters Canada Rail Conference (TCRC) soured. Each side blamed the other for the work stoppage. “The TCRC is well aware of the damage this reckless action will cause to the Canadian supply chain,” CP […]
Nucor will implement a biweekly update to its current fuel surcharge effective Thursday, April 3, for some steel products. Certain divisions of the Charlotte, N.C.-based steelmaker said the move was necessary because “fuel prices are at all-time high levels,” in letters to customers dated Wednesday, March 16. SMU has seen matching letters from the company’s […]
Nucor aims to increase base prices for steel sheet by at least $125 per ton ($6.25 per cwt) effective immediately. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated […]
Steel Dynamics Inc. (SDI) expects modestly higher first-quarter earnings despite lower average flat-rolled steel selling prices over the last three months. The Fort Wayne, Ind.-based steelmaker expects earnings of $5.55-5.59 per diluted share in the first quarter, according to figures released after the close of markets on Wednesday, March 16. That’s up from $5.49 per […]
SSAB Americas has increased plate prices by $63 per ton ($3.15 per cwt) based on a raw materials surcharge mechanism unveiled last week. The Mobile, Ala.-based steelmaker said the higher prices would apply to all new spot orders as well as both new and existing contractual agreements effective April 3. The company reiterated that the […]
SMU is pleased to announce the guest speakers for our next Community Chat webinar: Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining us will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, March 23, at 1 […]
It’s time to register for Wednesday’s SMU Community Chat webinar, which will feature Matt Brace, owner of rebar fabricator Brace Steel and CEO of Structural and Steel Products Inc. Also joining the discussion on the construction sector will be Brian Desigio, company president and chief operating officer. We’ll be holding the Community Chat on Wednesday, […]
The Biden administration rolled out a new round of trade actions aimed at punishing the Russian government for launching an invasion of Ukraine. Some of those measures have the potential to reach deep into the steel supply chain – including with tariffs of 20% or more on many Russian steel products, according to trade experts and government documents. […]